ComEd 2015 Annual Report Download - page 491

distribution events, as the participant shall direct in his or her Benefit Distribution Election Form: (i) the participant’s separation from service, within the
meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), as a Director of Exelon, ComEd, PECO, BGE and their affiliates,
(ii) the participant’s 65th birthday or (iii) the participant’s 72nd birthday. Distributions shall be paid in a lump sum payment or in annual installments over a
period of up to 10 years, as the participant shall direct in his or her Benefit Distribution Election Form. Each installment payment shall be determined by
multiplying the balance remaining to the credit of the Deferral Account as of March 31 of such year (including earnings or interest credited under Section 3)
by a fraction, the numerator of which is “1” and the denominator of which is the number of years (including the current year) for which payments are yet to be
made. Any unpaid balance in the Deferral Account shall be credited with earnings or interest as provided in Section 3. In the event a Director who has elected
a distribution event based on his or her 65th or 72nd birthday continues to serve as a Director after the date such distributions commence, then in the year
prior to the year in which such distributions commence such Director shall file a new Benefit Distribution Election Form governing any amounts credited to
his or her Deferral Account after the date such distributions commence. If the Director does not file such new Benefit Distribution Election Form, then the
Director shall be deemed to have elected to receive a lump sum distribution of any such amounts upon the Director’s separation from service.
(b) Except as permitted under Section 4(c) or 4(d), each Director must submit a Benefit Distribution Election Form for amounts attributable to fees
earned with respect to service on a Board at the time such Director makes his or her initial deferral election under the Plan with respect to his or her service on
such Board (provided that a Director who participated in the Plan prior to January 1, 2009 and had not commenced distributions must have submitted such
form not later than December 31, 2008). If a Director does not submit a Benefit Distribution Election Form
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Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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